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HPCL Will Increase Oil Import From Saudi Arabia By Next Year

State owned Hindustan Petroleum Corporation Limited decided to import oil in double from Saudi Arabia from the next financial year and will minimize 14% import of oil from Iran. HPCL in 2012-13 has decided to import 3.5 million tons of crude oil from Saudi Aramco of Saudi Arabia against 1.75 million tons of oil bought in the current year.

HPCL Logo Hindustan Petroleum Corporation Limited
HPCL Logo Hindustan Petroleum Corporation Limited

 In the next fiscal, oil refiners are going to cut the import of oil by 10%. Sources also said that HPCL will continue with the buying from Abu Dhabi, Kuwait, Iraq and Malaysia.

It will buy 2.25 million tons of oil from Abu Dhabi National Oil Corp, 2.25 million tons from State Oil Marketing Organization (SOMO) of Iraq, 1 million tons from Petronas of Malaysia. HPCL’s total oil requirement for 2012-13 is 18 million tons.

Out of this, 14.25 million tons is expected to import through a combination of terms and spot contracts, while the remaining 3.75 million tons will be supplied to different fields.


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